The global inert gas generator system (IGGS) market was valued at 2606 Million USD in 2020 and is projected to expand at a CAGR of 3.1% during the forecast period, 2021- 2028. The growth of the market is attributed to increasing military & commercial aircraft procurement by emerging economies.
Inert gas generator system is a device that burns fuel to create exhaust gases, which contain less than 5% oxygen. The system consists of a combined burner and scrubber, which are seawater-cooled. Marine diesel or heavy fuel oil is burnt using inert gas generator to produce flue gas with oxygen content of 2-4%.
Market Drivers, Restraints, Trends, and Opportunities
- Increasing fleet size of marine cargo ships and rising demand for commercial & military cargo aircraft are expected to spur the market growth.
- Growing number of applications of IGGS in industries such as oil & gas, pharmaceuticals, electronics, and food & beverages are anticipated to foster the growth of the market.
- Long-term contracts with nitrogen gas suppliers may restrain the growth of the inert gas generator system market.
- Rising adoption of IGGS in the industrial sector can create lucrative opportunities for industry players in the market.
Global Inert Gas Generator System Segment Insights
Aviation IGGS segment to account a large market share
Based on types, the market is segmented into aviation IGGS, marine IGGS, and industrial IGGS. The aviation IGGS segment is anticipated to account for a large market share during the forecast period. It is one of the crucial and mandatory parts of any commercial or military aircraft. Increasing aircraft fleet size is driving the segment growth.
The industrial IGGS segment is speculated to grow at a robust rate in the coming years. IGGS are installed in industries such as oil & gas, food & beverages, chemicals, electronics, and metallurgical. Rapid industrialization, especially in emerging economies, is increasing the demand for industrial-based IGGS.
Marine segment to account a significant market share
In terms of applications, the market is divided into marine, aviation, industrial. The marine segment is anticipated to account for a significant market share during the forecast period. Ships carrying inflammable cargo such as crude oil, crude products, or flammable chemicals are required to have IGGS systems installed as per the SOLEX Convention.
Asia Pacific to account a large market share
On the basis of regions, the market is categorized as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Asia Pacific accounted for large market share during the forecast period. This is attributed to the rapid industrialization coupled with the increasing procurement of military cargo & commercial aircraft as well as cargo ships. China is one of the leading inert gas generation system market. The is due to the country`s increasing development in the industrial sector and increasing demand for shipping cargo vessels.
The market in North America is expected to grow at a steady rate owing to increasing investment in the military sector, which in turn, is expected to increase the number of marine ships. Moreover, rising dependence of shipping vessels for the transportation of petroleum-based products is driving the growth of the market in the region.
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